New Trends in Accounting and Sales Technology
Every business has an accounting department, although its size may vary. This function was often only done because of tax, payroll and other formal obligations. With integrated software and technology solutions, this is no longer the case. New trends have opened the way to new opportunities.
Accounting Software Solutions.
Companies now use cloud systems and applications that allow for remote bookkeeping and document management. Cloud‑based tax preparation, compliance and applications have also moved to cloud solutions. These central, single-access databases better protect data and operate at greater efficiency. This makes them the current leading-edge solutions.
Cloud systems offer several advantages:
· Firms can outsource without adding new workstations, office space, or employees.
· Firms can reshape their business processes and business modes.
· Cloud software centralizes data to provide a complete picture of its business.
· Greater efficiency frees time for finding new clients and developing new niches.
· Firms that don’t need a full-time accountant can use remote and cloud-based accounting.
· Accounting firm technology gives staff ways to be more responsive to client needs.
· Client expectations grow as technology grows. The cloud offers more ways to please.
· Cloud computing boasts security at a level many small firms could never afford.
Using the word “video” in an email subject line increases open rates People like the connection that videos offer, and this is a way to bring them to your business.
People not only use computers and laptops to tap into this trend. Most phones can stream a YouTube or Facebook video. Video messages are far more engaging and popular than printed material.
People often turn to videos for help with specific problems. “How to” searches on YouTube grow by leaps and bounds each year. Even accounting firms are using videos to gain clients. People would rather follow a video than written instructions in performing a task. If the video helps them, they’ll come back to that video creator for more help and may become a client.
Analytics used in planning and decision making.
Using data and analytics in many business phases enhances the company’s competitive advantage. This can also deepen customer engagement.
The term analytics means the use of data to make fact-based decisions. The data may be statistical, quantitative, predictive, cognitive, or contextual, or other models. Using this information, companies can learn, plan and make fact-based decisions.
Data may come from sources such as customers, vendors, competitors, or public sources.
Analytics provides several advantages to companies:
· They gain a competitive advantage.
· They build strong customer engagement.
· They have better and more accurate information to make decisions and plan.
· They can influence customers and other groups by sharing data.
Sharing data doesn’t mean giving away everything. By sharing its information with others, a company can enhance its influence. Customers, vendors, government agencies, and others appreciate the information.
Marketing: selling and communication platforms
Technology now supports all aspects of the selling function and integrates it with the accounting system. Benefits include improved relations with customers and ways of finding qualified prospects. Technology improves sales communications, including presentations of products and services.
Scheduling of sales activities happens within the system. Automated quote and proposal systems speed sales by providing timely and accurate prices. Proposal text and contractual information and wording speed this process. Telemarketers often contact customers through predictive dialers. These dial customers and deliver the phone call only when a person answers the phone. This uses salespersons’ time more effectively.
Automated billing systems.
Businesses use automated processes for invoicing and tracking time and expense for projects. Many use cloud-based online solutions to update information and keep the data secure.
Technology is changing the way every company does business. It helps firms do a more efficient job of accounting, billing and selling products and services. It helps companies take better care of their customers.